With the Lyric project and another project we are still working on finalizing our commitment of allocation, we will have about $25 million left of allocation authority, and that’s just our KCMO CDE. We strictly serve the city limits of Kansas City. We have been awarded $75 million since 2008. We have gone through about $50 million; we have $25 million left. Central Bank is another CDE here in Kansas City. They were awarded $18 million in allocation authority last year. I’m not sure where they are with that allocation.

You just announced New Markets Tax Credits for improvements to the Lyric Theatre. Who was the key investor in that deal?

The sole investor of our tax credits is PNC Financial Services Group. They purchased our tax credits to allow us to provide this financing for the Lyric Opera production facility. U.S. Bank was the investor on the five transactions that we facilitated last year.

Who can take advantage of New Markets Tax Credits?

Pretty much any C corporation with a federal tax liability. The investor can be anybody. So there’s the sale of the tax credits, and then there’s the financing that we are providing to the business like Lyric Opera or Posty Cards or Reeves-Wiedeman. … As we monetize these tax credits, that’s what allows us to finance all those great projects.

PNC or U.S. Bank is getting benefits by being able to reduce their federal tax liability. There’s also kind of a social return for them as well. They’re associated with the program, which is helping to finance the (projects).

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